Thursday, August 21, 2008

Is the exclusion of developing countries from groups like G8 deterimental?

Many developing countries, which are in need of better economic support, are left out of major decisions and groups that could have very positive effects on their economy. They are left out because they do not have major production or consumption of products. Is this a fair or logical way for world economics to work?

1 comment:

I. Kennedy said...

I don't think that it is fair, but I do think it is logical. Let's say you want to fix a problem that is comprised of three parts (part A: 10%, part B: 5%, part C: 85%), it would be logical that the largest benefits would be derived from eliminating the majority of the problem. Therefore, fixing part C would be most important. If you do that, the majority of the problem is solved, though conditions in parts A and B might still be poor. Therefore, it is logical, but not necessarily fair to parts A and B. I think this theory applies to world economics and politics. The groups like G8 take care of the majority of people, money, and resources.

To answer your other question, I do think that it is detrimental. The truth is that while developing countries don't have large amounts of money or resources, they do have some. By ignoring that, you can never reach true world economics.